We chat with Matt Shields, discussing digital transformation, its benefits, and its implementation in the real estate business. They talk about how digital innovation has streamlined many processes across different organizational domains. They elaborate on concepts such as project management and square footage comparison in real estate investment, and consider the benefits of digital transformation in construction and multi-family investing operations. Matt also shares personal insights from his career and offers advice on communication and adaptability in business.
Connect with Matt Shields: https://www.investinsqft.com/
Topics & Bullets:
Challenges in Contracting Industry
Handling pictures and reports in the contracting industry
- Benefits of using a method and process for easier report generation
- Showcasing project transformations with before and after photos
- The importance of maintaining control over products or services to avoid overextension and unforeseen competition
Digital Transformation in Construction
Syndication and gathering information to attract investors
- Streamlining processes, data accessibility, and reporting to attract investors
Streamlined processes for a waterproofing contractor
- Reducing time and improving efficiency
- Simplifying onboarding for new employees
- Providing real-time insights into business operations
Applying digital transformation to construction
- Importance of digital transformation and project tracking within real estate construction
- Using a scrum philosophy and weighted systems to manage granular tasks and project progress
- Digitalizing the process to manage construction in a more accurate and systematic way
Using project management software for organizational growth
- Starting with project management software like Trello, Asana, or Basecamp for small businesses or solo entrepreneurs
- Building internal processes as different departments emerge
- Challenges of integrating existing processes with new systems for businesses built before platforms like Asana
Real Estate Investments and Management
Business impact and recommended reading
- Reading Chris Voss's book for communication and negotiation skills
- Recommending improv classes to enhance communication and thinking on the spot
Pricing strategy for real estate investing
- Considering the square footage of comparable properties when setting rent prices
Challenges faced in real estate business processes
- Creating reports and managing multifamily properties
Adoption of agile scrum in real estate
- Value brought to contractors and project management
- Demonstrating the value of transformation for successful adoption
Importance of documenting processes and procedures for scaling a business
- The value of a core foundational platform for a business
- Need for younger employees to have digital processes rather than traditional methods
Personal and Professional Development
Using technology for personal well-being
- Reliance on the Oura ring to monitor physical activity and sleep
- Comparing the Oura ring's battery life and charging time to an Apple Watch
Lessons learned and recommended practices
- Learning from past experiences and maintaining a positive outlook
- Applying communication and negotiation skills in business
- Sharing successful practices and podcasting opportunities
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